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New York, May 02, 2023 (GLOBE NEWSWIRE) — The global managed services market size is expected to be worth around USD 834.7 Billion by 2032 from USD 278.9 Billion in 2022, growing at a CAGR of 11.9% during the forecast period from 2022 to 2032. The process of assigning particular business or IT functions to a different service provider is referred to as “outsourcing” in the managed services market. These services are often provided via subscription, and the provider is in charge of ongoing management and maintenance. Managed services include a wide range of IT services, including help desk and support services, network and security management, software as a service (SaaS) offerings, and data backup and recovery.
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- Based on the solution, in 2022, the managed services market was dominated by the managed data center segment in the managed services market.
- Based on enterprise size, in 2022, the large enterprise segment dominated the largest market share in the enterprise size segment.
- Based on managed information services, in 2022, business process outsourcing holds the market share in the managed services market.
- Based on deployment, in 2022, the on-premise segment is the most lucrative in the market.
- Based on end-use, in 2022, the BFSI segment accounted for the largest revenue share in the managed services market.
- In 2022, North America dominated the market with the highest revenue share of 36.6%.
Factors affecting the growth of the managed services Market?
There are several factors that can have an impact on the growth of the managed services market, including:
- Increasing Complexity of IT Systems: Companies are having a harder time managing IT systems internally as they get more complicated. Organizations may manage these complex systems more effectively and efficiently with the help of managed services providers, who lend their experience and resources.
- Cost Savings: Maintaining an internal IT department can often be more expensive than outsourcing IT services to managed service providers. Economies of scale and access to specialized knowledge that might be too expensive to keep in-house are two benefits that managed services companies can give.
- Scalability: In order to adapt their IT infrastructure to changing business needs, organizations can swiftly and easily work with managed services providers. For organizations that face seasonal or demand shifts, this may be especially crucial.
- Access to New Technologies: In addition to providing clients with access to new technologies that they might not have the knowledge or resources to deploy internally, managed services providers keep up with the most recent technology and trends.
- Increased Focus on Core Business Functions: Businesses can concentrate on their core strengths by outsourcing IT services to managed services providers rather than devoting time and resources to managing IT infrastructure.
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Top Trends in Managed Services Market
Managed services companies are growing the breadth of security services they offer as a result of the sophistication and prevalence of cybersecurity threats. Threat detection and response, vulnerability analyses, and security consultancy are a few examples. Automation and artificial intelligence (AI) technologies are being widely used by managed service providers to increase the effectiveness and caliber of their offerings. This may involve automating repetitive IT operations to free up workers for more strategic work or deploying AI-powered chatbots to provide customer support. Managed services companies are providing services to assist organizations in managing and securing their IoT devices and data as more gadgets are connected to the internet. Services like device management, data analytics, and predictive maintenance may fall under this category. To hasten the creation and distribution of software, several firms are implementing DevOps techniques and agile development processes. Continuous integration and continuous deployment (CI/CD), as well as containerization, are services that managed service providers are providing to enable these methodologies.
The market for managed services has shown rapid expansion in recent years and is predicted to continue doing so in the years to come. The managed services market is expanding as a result of various factors. One major factor is the complexity of IT systems, which is why so many companies are turning to managed service providers for their experience and resources. Additionally, businesses of all sizes are becoming more interested in these services due to the cost advantages involved with outsourcing IT tasks to managed service providers.
North America is accounted as the most dominant market in the global managed services market with a market share of 36.6%, during the forecasted period. Due to the widespread use of cloud-based services and the demand for cybersecurity solutions, North America is the region with the greatest market for managed services. Major players’ presence in the area also aids in its development.
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Scope of Report
|Market Value (2022)||US$ 278.9 billion|
|Market Size (2032)||US$ 834.7 billion|
|CAGR (from 2023 to 2032)||11.9%|
|North America Revenue Share||36.6%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
Organizations may benefit from more scalability and flexibility because of managed services. It is simple to scale up or down managed services as an Organization expands and its IT requirements change. Organizations may guarantee that their IT systems are secure and comply with industry laws by working with managed services providers, who frequently have specialized experience in security and compliance. The complexity of IT environments growing ever-more sophisticated is one of the primary reasons driving the managed services market. As Organizations adopt cutting-edge technologies like big data, cloud computing, and the Internet of Things, they frequently struggle to manage and sustain these complex environments.
Data security is one of the main issues that organizations have while outsourcing IT activities. Data breaches and cyber-attacks are always a possibility, even though managed service providers frequently have a strong focus on security and compliance. Organizations can be more reluctant to outsource IT services that deal with sensitive data, as data becomes more valuable. Managed services can help businesses save money, but at the same time, they can also be expensive. The expense of managed services may outweigh the advantages for certain businesses.
Managed security services cover things like threat detection and response, vulnerability management, and identity and access management. The increasing complexity of IT systems and the skills shortage in the industry are what is driving the demand for managed services. While increasing the effectiveness of their IT operations, Organizations are looking for ways to cut costs and downtime. Managed services provide a range of services, including network and infrastructure management, application management, and service desk support. The demand for managed services is also being fueled by the increased desire for digital transformation.
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Report Segmentation of the Managed Services Market
The managed data center holds a significant share in the solution segment which is 17.3% in 2022. Businesses can benefit from managed data centers’ reduced costs, improved dependability, scalability, flexibility, security, compliance, and round-the-clock support. By outsourcing their IT infrastructure and equipment to a third-party organization that runs and maintains the data center facilities, businesses may focus on their core businesses while leaving the management and maintenance of their IT systems to the experts.
Enterprise Size Insight
Managed services market share is dominated by the large enterprise segment with a share of 54.6%. Managed services offer some advantages for large enterprises, including cost savings, better adaptability, and improved operational efficiency. Large companies usually have complex IT systems and extensive data networks, which are challenging to operate correctly without professional knowledge and resources.
Managed Information Service Insight
Business process outsourcing holds a significant share in managed information service segment i.e., 37.4% in 2022. Various processes, including supply chain management, accounting, and customer support, may be included in BPO. BPO-managed service providers (MSPs) can provide their customers with a range of solutions to enhance corporate operations and help them achieve their strategic goals.
Managed services market share is dominated by the on-premises segment with a share of 67.2% in 2022. In the managed services industry, a deployment technique referred to as “on-premise deployment” entails installing and managing IT infrastructure and applications on a business’s actual premises. In this method, rather than utilizing a cloud-based solution, the managed services provider (MSP) deploys and manages the hardware and software inside the company’s own data center or server room.
The BFSI holds a significant share in the end-use segment with a market share of 18% in 2022. One of the biggest end-users in the IT business is the BFSI sector, which stands for banking, financial services, and insurance. Given the increased demand for dependable and secure financial services, BFSI is always deploying new technology to keep one step ahead of the competition. For the BFSI industry, managed services are a fantastic answer. They provide services like application management, security management, and infrastructure and network management.
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Based on Solution
- Managed Data Center
- Managed Network
- Managed Mobility
- Managed Infrastructure
- Managed Backup and Recovery
- Managed Communication
- Managed Information
- Managed Security
Based on Enterprises Size
- Small & Medium Enterprises
- Large Enterprises
Based on Managed Information Service
- Business Process Outsourcing
- Business Support Systems
- Project & Portfolio Management
- Other Services
Based on Deployment
Based on End-Use
- IT & Telecom
- Media & Entertainment
- Other End-Use Industries
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Due to the large range of services provided by numerous different Organizations, the managed services market is highly fragmented. Cisco Systems, Inc., Dell Technologies, Inc., Tata Consultancy Services Limited, Atos SE, Cognizant Technology Solutions Corporation, Wipro Limited, and Infosys Limited are a few other well-known market participants. These Organizations provide a wide range of services, including administration of IT infrastructure, cloud computing, and cybersecurity. To remain competitive, many managed service providers increase the variety of their offerings. Modern innovations like artificial intelligence, the Internet of Things, and solutions created for certain industries are among them.
Key Market Players:
Listed below are some of the most important Managed Services industry players.
- International Business Machines Corporation
- Accenture PLC
- Alcatel-Lucent Enterprise
- AT&T Inc.
- Avaya Inc.
- Fujitsu Limited
- Lenovo Group Limited
- BMC Software, Inc.
- CA Technologies
- Cisco Systems, Inc.
- Other Key Players
Recent Developments of the Managed Services Market
- In September 2022, Apcela, a provider of software-defined networking, was purchased by Hewlett Packard Enterprise (HPE), according to an announcement. Through the acquisition, HPE will be able to strengthen its networking capabilities and provide greater connectivity to its customers.
- In August 2022, Cisco Systems revealed that it had purchased CloudKnox, a provider of cloud security. The acquisition will enable Cisco to enhance its cloud security services and better safeguard the cloud environments of its clients.
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- IT Professional Services Market in the global market was worth USD 776,210 million in 2021. This market is expected to experience a CAGR of 9.8% between 2023-2032.
- Iaas/Hosting Infrastructure Services Market is expected to grow at a CAGR of roughly 22.0% over the next ten years and will reach US$ 219,703.1 Mn in 2028, from US$ 30,077.2 Mn in 2018.
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